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. the president has given the country over $6 trillion in new debt. trillion dollars deficits as far as the eye can see and all he wants to fight for is higher taxes that will fund a mere 8 and a half days of government. frankly nothing but a pathetic disgrace. you the american people deserve a government that lives within its means. you deserve a government that is not obsessed with using your money to accumulate their power. it is time for americans to understand the simple truth of what is going on here. a truth by the way that an abusively biased news media just ignores. joining us now with reaction as america is on the brink republican senators pat toomey and ron johnson. senators, welcome back. >> hi, sean. >> hi, sean. >> sean: let's start with the meeting today. senator toomey, i'm told that the president wassed adamant n the meeting and didn't come off, are the original request was to keep tax rates at the same for the middle class but everybody above $250,000 going up. is that what you heard? >> i haven't heard about specific elements of the conversation, sean, i wasn't in the room.
think that i will finish the job of deficit reduction through spending cuts alone without asking also equivalent sacrifice from millionaires or companies with a lot of lobbiesists, et cetera. if they think that's how we'll solve this, they've got another thing coming. >> from what we hear the senate republicans have gone along with a tax increase. i can imagine what the president said and what they're talking about is not pleasing to you. >> well, looks like another washington deal and not a fair deal. we've got spending problems. we've got entitlement problems. senate republicans have agreed to tax increases, then i think we're missing out on the real part of the package we need to have. that's dealing with a spending problem. >> would you vote for a deal with these tax increases? >> no, i don't think so. when i look at those numbers, we're still trying to sort through those. it looks like at least a million small businesses will see taxes increase. i have yet to see any small business owner that says you increase my taxes, i'm going to grow the economy, i'm going to hire more people
the math and we all absolutely agree on the math that you can't get out of the deficit hole we're in by taxing rich people, even if you tax them at 100%. everybody knows that. when republicans say we don't have a tax problem, we have a spending problem, the fact is we've got both and we can deal with that. let me ask you this. you gave your bletszing ing bl proposal that john boehner put forward. so many congressional republicans are scared of voting for something that feels like, looks like, smells like a tax increase because they're worried your organization will come back to haunt them because you signed a pledge. you gave your blessing and they still couldn't get the votes on the floor. what's up with that? why did that not happen? a week ago i was hopeful we might have a deal. >> okay. because the pledge is not to me. it's to the american people. it's to the people of the state that any congressman or senator is from. they have to feel that they can go to their constituents and say i voted against all efforts to raise taxes. i argued having read the boehner plan, it was s
on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> nbc's capitol hill correspondent kelly o'donnell is live on capitol hill. kelly o., i'm looking at the clock, we are now 14 hours and 58 minutes from going over the fiscal cliff. let's outline -- >> reporter: but who's counting, right, chris? >> yeah, who's counting? let's go over for people, what remains unresolved? it seems like two weeks ago they were pretty well set on the basic parameters of this thing, so let's talk about what's left to deal on? >> reporter: well, there are some significant differences, but there has been progress. i've been talking to sources who say that the vice president and mitch mcconnell stayed on the phone exchanging calls until around midnight last night and that staffers who are key to this process continue talking after that. as you know, there are very few people in the room, so to speak, who really have their fingerprints on whatever deal may eventually come and what has been passed between the two sides so far. about six proposals back and forth, and i
economy two to three, four years. no deal is only shot we have. we need cuts and deal with the deficit. you have can't do this in a way to do in a sudden flash. >> juan -- >> juan: hold on. excuse me. do you think republicans have no complicity in passing two wars without funding them? and passing prescription drugs, no funding -- >> andrea: last time i checked a majority of democrats voted if for war. >> juan: republicans voted for this as well is all my point. >> andrea: entitlement, they're not miles apart? >> juan: they're not. >> andrea: what is the plan. >> juan: put on the table change the cpi and change the rate of growth. >> what table? >> eric: slow the rate of growth is not a cut. >> juan: it is. >> eric: it's not. >> juan: even boehner says it's a cut. the left thinks it's a cut. secondly, the president has -- go up to 400 if you want. so what we are talking about is a cut for 99% of americans. they keep tax cuts. you think republicans would celebrate. >> drinking the kool-aid. >> eric: i agree with you that the republicans are no better in this debate. >> juan: oh, well th
. you know, he wants to compromise. again, we've got to close this deficit, and it's done not just by cutting but by putting revenues on the table and asking the wealthiest, which the president is good at saying ask the wealthiest to pay more than their fair share. >> i know there's another issue dear to your heart we want to discuss as well. last week the russian president putin banned all u.s. aadoptions, very much a vindictive measure for something the u.s. had done as well looking to punish those human rights violators from russia. you have been very vocal about this. you have two adopted children yourself. i understand that you've written a letter to president putin to try to get him to change his mind. is there anything that can be done to the nearly 50 pending adoption cases now where american parents have already met what they believe were their russian children? >> i hope so, suzanne. as ayou know, frank and i have two beautiful children aadopted domestically, but there are over 100,000 adoptions in america every year mostly by americans for american children. we have adop
and shrink our deficits. it's a balance plan. one that would protect the middle class, cut spending in a responsible way and ask the wealthiest americans to pay a little more. and i'll keep working with anybody who's serious about getting a comprehensive plan like this done because it's the right thing to do for our economic growth. but we're now at the point where in just a couple of days the law says that every american's tax rates are going up. every american's paycheck will get a lot smaller. and that would be the wrong thing to do for our economy. it would hurt middle class families and hurt the businesses that depend on your spending and congress can prevent it from happening, if they act now. leaders in congress are working on a way to prevent this tax hike on the middle class and i believe we may be able to reach an agreement that could pass both houses in time. >> the president will have another chance to deliver that message, again. this morning he will appear on nbc's "meet the press." his first sunday talk show appearance in three years. mr. obama is expected to call on
, we still have this bigger challenge out there of how are we going to fix the deficit and debt problem in this country? we know we have to make hard choices. we know the parties have to work together, and they've got to get to work on this as quickly as possible. >> maya, with the greatest of respect, it seems to me your logic is all over the place. it's very clear the nub of the discussion, the squealing that we have at the moment is whether or not to extend tax cuts. that is, in effect, saying we are going to balloon the deficit further. this is not a conversation about actually fixing the debt, is it? that's not what we're talking about at the moment. we're squealing over, let's keep the deficit big. you seem to be arguing that that's exactly what we should be doing. >> let me explain, because it is more complicated than often things are discussed in washington. the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, i
there will be a deal, even if one that doesn't solve all of our long-term debt and deficit problems. here's bob corker. >> i do think there's going to be a resolve to this. the problem is, you know, we created this fiscal cliff to make some tough decisions. and none are going to be made. not one. >> so the question is going to be then, do the tough decisions on spending get made in january and february, running up to the debt limit. we'll see how that goes. we'll see if it actually gets done today. you hear positive things from talk, but you can't trust anything until reid and mcconnell come out on the senate floor and say they have a deal. and then boehner puts it on the house floor. >> it's interesting now, that mcconnell has reached out to the vice president and is doing a deal, specifically that way, rather than involving it would appear at this stage the democrats in the senate. are they now more fractious in actually passing a deal potentially from the gop in the house? >> no. i think it is just dynamics of late-stage negotiations that when you get to the really hard parts, you've got to go high
three month pause or one year pause. can you imagine how much deficit spending we can get in a year without a cap? >> i am thinking the stock market is because we have hours before the i ball drops, the calm before the storm and watch out wednesday. what do you think in. >> well, watch out wednesday, that is the point. if you look at market the last two weeks, people have been selling ahead of the deal so it is a sell the news type of issue. charles hit the point on the head. this is not a tax issue whether it is $450,000 or $500,000 or $1 million. it is the spending issue. the democrats want to raise the debt ceiling and do not want spending cuts cuts and no sequestration. >> what will happen on wednesday? >> again, i want to caution the stock market will not be the best barometer. >> why? i thought the message was always in the markets especially the interest rate. rates were way up. >> but there is in fear on wall street. there is a total disconnect between that and the fact that in some ways all the nonsense makes stocks and hard assets like gold and silver the only way to inves
: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid o $109 billion in corporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in four years when it comes to policy making, and the reason we are her
yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense, sir, there is a period of compromise, where nobody was talking and everybody was holding the ground firmly? do you have a greater sense of comp moise as we into -- the speaker said the president didn't next any dale or the compromise so i ge he'll take that up in the shat, hopefully vote for it. >> part part of the problem last week was the conservative wing of the party that i put you in for plan "b," and it was seening a something of a mutiny against john boehner at that point. so i'ming what is do you feel the support think of wing of the part is rhettest to president the measure? >> the this the has to stop a theso threat at the first motion of a pours bill and there were members in the house unwilling to vote on a bill that the president said he's going to veto. the h
is pushing for new taxpayer support for wind projects. with our budget deficit soaring an intense debate is heating up over whether the government should be throwing your tax dollars at industry the first place. i asked robert bryce, senior fellow at the manhattan institute about this issue. let's start with the tax credit. >> sure. gerri: this is industry, let's face it they don't have a whole lot to show for themselves yet we subsidize them to the tune of $1.2 billion. why? >> remember the industry said we're all about reducing carbon dioxide. that was the whole argument. now it shifted we create jobs argument. if congress does not extend production tax credit we'll lose 37,000 jobs. they might get an extension but there is big push among utilities, a lot of groups to end the tax credit and it very well could be ended. gerri: it doesn't work that well. 84% fail to produce electricity when the demand is great. as a solution to our energy problems how would you rate it? >> it is not a solution and it is wholly dependent on electric utilities and electric generation that can be dispatched
all heard taxing high income individuals more would only raise 5% of the deficit. another statistics that will break your eyes. if we raised everybody's income tax by 50%, we'd likely only cut the deficit in half. that should explain to everyone why it is imperative we finally do something about rapidly escalating entitlement cost but the president refuses to come to the table. nothing is fixed in my mind more than speaker boehner saying i've offered you 800 billion in additional revenue. what do i get in return? and the president said nothing. you also counted he won the election. i have got news, whether he won the election or not,let stats about the budget are neutral and nonpartisan and mr. boehner's republicans won an election too. he was elected president, not prime minister. he can't dictate to the house the way he would in england. >> as we look forward here, i heard you mention the debt commission and that's come up a couple times, that we've been down this road before with congress kind of bringing us to the brink but they always do a back deal. that has a longer lasting ef
and there will still be an enormous amount of work to do both on deficit reduction and tax reform, not to mention dealing with massive spending cuts which by most accounts are not likely to be involved in the agreement. don't know that for sure, but that's our understanding going in, martin. >> i think it's a safe bet. both sides have different wants. so what's holding these two sides apart when the this he know that so very much is on the line for everyday americans? >> it's a great question. i mean, what's really holding them apart are massive ideological differences. this is about government's role in your life. democrats want more of a social safety net, republicans prioritize lower taxes. and that's what distinguishes the democratic and the republican parties sop so that's what they're fundamentally fighting about. if you break it down to the basic deal points right now, democrats say this smaller deal should include a tax increase for households that make $250,000 and more. an extension of unemployment benefits as you pointed out for about 2 million americans, a delay of those massive spend
is making sure that any new revenues go toward debt spending reduction and deficit relief rather than new spending. it's deficits that got us into this problem. it's only reducing the deficit that's will get us out of this problem. >> the key there is it's my best belief that they've reached an agreement on revenues, that means on this issue of raising taxes on the wealthiest americans. this is still a fight over tax rates for wealthy americans at this point. not sure what else is on the table. doctors, see a 27% cut on the pay they get for medicare services, that's a problem. amt. there's a whole host of people that are going to get hit if they don't fix this. >> that's tough all around for everybody. the fact he's saying it's somewhat optimistic is surprising to me. i haven't heard that much optimism, but we'll see how it goes. christine, thank you. we appreciate it. the outlook on wall street might be a little gloomy when the opening bell rings later this hour. but investors elsewhere around the world, they're actually holding steady. britain's ftse index and hong kong's hang seng inde
house released includes this paragraph. seek a bald approach for bringing down the deficit with $3 in cuts for every one dollars in tax reform that contributes to deficit reduction. they said this is consistent with the bipartisan commission approach. yes, he did say that and, yes, we don't have that and, yes, we are approaching this deadline. >> how do you negotiate with someone who said during the campaign over and over three dollars in cuts for are one dollar in revenue and now neither side is going to get everything that they want. but the house republicans have said okay, we'll find $800 billion in revenue but give us the $2.4 trillion in it cuts and he has not been willing to do that. so the last ditch effort the hail hary pass was the house of representatives saying fine let's take nancy pelosi and chuck schumer's bill that they proposed thi summer to extend the tax rates on every household and every small business a million dollars and below, allow them to go up on the million dollars and above which is the current law on january 1, let's do that. that ought to be something
to the larger issue of debt and deficits. the treasury can move money around in certain ways to extend the point where we actually reach a crisis for probably a couple of months. but this is an early warning sign. secondly, republicans in the house sent word to democrats in the senate, white house, it is your turn now. we acted to put off the fiscal cliff several months ago with a bill that without objection tend all of those bush tax rates into the future and would turn off the sequester by switching defense cuts over to domestic programs. democrats, of course have no intention of doing that. especially after president obama won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people wh
's anti-fragile. you need also to have less deficit on the part of government and transfer it to the states. more decentralized decision making. why? because if you do you have decentralized errors. not one error dragging you down and last decade two errors in the down. iraq war. you know? it was a horror from human side. but it cost between 40 and 120 times the original estimates. you don't want mistake that is are very large. a fragile system is one in which mistakes are costly and the benefits are small and anti-fragile system is one in which mistakes are small and bring long-term benefits. we want to be in that environment and environment that ben filths of mistakes. >> i hear what you're saying. shifting the debt burden from the federal government and states and federal government is a better position to carry debt. states have these constitutional balance budget amendments and bail out the states, isn't it? >> this is exactly the problem we have is that the government finds it easy to borrow and runaway deficit. let me explain the big thing. a project in the uk where
changes to our entitlement programs in order to reduce the deficit. >> all right. we're just listening to a democrat, tom harkin, criticizing the deal so far. the question -- we're speaking specifically of the concessions, perhaps the $450,000 offer we're aware of coming from vice president biden. are the president and democrats caving too much? tom harkin is expressing that frustration. >> well, i think we're all frustrated about that. i think the american people, 60% to 70% of the american people believe the president was correct in setting the limits at 250 and 200,000 for individuals as the cap on making sure that those taxes didn't go up for those americans making less than that. 70% of americans think that's about right. they voted in the presidential election and re-elected a president who said that was his criteria. but the president understands this is a process where compromise is necessary. the house of representatives, controlled by the republicans, clearly has indicated that a million dollars was not acceptable to it in the united states senate. clearly, mitch mcconnell co
't love raising taxes. the facts is, if you're serious about this debt, if you're serious about deficit reduction, we have to be able to both get some new revenue. asking millionaires to pay a little bit more in marginal rates. we have to get serious about how we're going to do spending cuts in the right way. republicans have said department of defense shouldn't be on the table. we shouldn't demand more of the 50 seat accountability from across government. we are putting spending cuts on the table and investing for economic growth on the table. we need to stop having a discussion about who the bad guy is and start getting serious about getting this done. >> good luck on sunday night. we're all looking forward to seeing what you guys get done on sunday night when you're back in session. it's good to have you on. we have a market flash. >>> michelle, want to take a check on the share of facebook today. reversing some of the losses on reports that ichb stay gram had lost 25% of its users since it changed its service. the data came from a firm called app data. doing a bit of a deeper dive s
doing nothing to curb spending or address the long-term deficit crisis. if they fail to pass a mini-deal, virtually everybody's income taxes will go up. and even if the income tax cuts are extended virtually all workers are due to see less in their paychecks, starting in january, when the temporary 2% payroll tax cut is set to expire. and don't assume there will be a mini-deal, a democratic source close to the meetings going on tonight, says, quote, the prospects are not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. of course, this waiting game is already affecting americans' 401(k)s. the stock market, five straight day of losses. let's bring in bianna golodryga. bianna, great to see you. if these lawmakers thought that waiting to the 11th hour wouldn't have an effect, look no further than the stock market. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, these aren't just money we're talking about, it's real money.
on deficit reduction. if they can agree by monday at midnight, the following cut take effects. over the next nine years, the u.s. defense budget would be reduced by $455 billion. domestic programs would be slashed by 464 billion. 1,000 government programs face potential cuts, including three that directly impact air travel. john bentley has the story. >> reporter: long waits at airport security are nothing new. but if the u.s. government goes over the fiscal cliff, they could get even longer. according to one congressional analysis, the transportation security administration would lose more than $640 million in funding, roughly 7% of out budget. t.s.a. with would also lose over 7,000 security officers. safety would not be compromised. the passenger misery would increase. >> it could be a severe impact on the traveling public. instead of maybe one hour, you may be there two or three hours before. >> reporter: long lines would be the least of the problems. under the mandatory cuts of the fiscal cliff, the federal aviation administration would lose $800 million, and more than 2,000 air traffic
or address the long-term deficit crisis. if they fail to pass a mini-deal, almost everyone's income taxes will go up. even if the income taxes are extended virtually all workers are due to see less in their paycheck as the temporary tax increase is set to inspire. the prospects are quote not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. this waiting game is already affecting americans' 401 cans. the stock market, five straight losses. let's bring in bianna golodryga. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, it's real money. lost 3,000, $4,000. december is traditionally a good month for the markets. >> and for home sales. here's what the president had to say about that. >> america wonder why it is, in this town for some reason, you can't get stuff done in an organized timetable. why everything has to wait until the last minute. we're now at the last minute. the economy is growing. the housing market is recovering.
cut the deficit budget. the court took issue with not with the tax, but taxing household equally. and for the latest headlines log onto foxnews.com. you're watching the most powerful name in news, fox news channel. >> paul: welcome back to this special he edition, journal he had t.editorial report. and this year continued high unemployment and slow economic growth. what can we expect in 2013? we're back with dan henninger, mary anastasia o'grady and dan moore. mary explain the slow growth and the markets. >> if respect to the markets, i would say if you look at a chart for, for example, the s&p 500, you go back to april of 2011 to october of 2012. you're basically flat. there's a lot of churning up and down, but in the last months a pickup there and certainly, from the end of -- from the beginning of this year we saw a run on the market, but you don't have a great return if you're a long-term investor. >> paul: right, so, okay, if growth is still slow, okay, why are-- and some people are still investing in companies and the corporate balance sheets earnings have been pretty good,
pass the obama tax cut and say look, i'm bringing in revenue. i lowered the deficit. pass his tax cut. a win and he can blame the g.o.p. i would argue i don't think the g.o.p. had the ball on this fight. i don't think they gave it up. i don't think they had it. it's very tough for them to win against the white house like this. and a white house press corps that is not going to report anything negative against the president. >> eric: the ball is a debt ceiling. remember, all the negotiations, tell you, i'll get to greg, they have to go through the house. money negotiations go through the house. if the house says no on raising debt ceiling they can create havoc. go ahead. >> greg: i don't care anymore. >> kimberly: okay. you did last week? >> greg: as a human being in this discussion, i have already lost. both options going over the fiscal cliff and not going over the fiscal cliff are losers. that leads to a big lie. when this was made it was supposed to be bad for both sides. remember, high taxes and democrat sweet 16 party. they love that stuff saming that to dems is saying i don't kn
-term deficits and debt. we're going to get a patch and be here again in two months. congress can't get out of its own way. we keep setting our own traps. >> john, we appreciate the clarity, even if it's depressing. thank you very much. >>> a lot of other news developing overnight. for that, let's check in, as always, with mr. ron claiborne. >> hi, dan, bianna. we begin in australia, with a confrontation with a shark. it cost a surfer two fingers and a chunk of his leg. the 29-year-old was surrounded by a pod of dolphins when the shark attacked yesterday. >> my legs. >> and witnesses say the man used his surfboard to fight off the shark. but the shark bit off two of his fingers. >>> and police in new york city are searching for a woman who pushed a man to his death in front of an oncoming subway train. police are checking homeless shelters and psychiatric units for the woman seen in this surveillance video running away from the scene of that crime. authorities released a sketch of that suspect. investigators used a smartphone and a bottle prescription pills to identify the victim. he is the
-term deficits and debt. we weren't that far from a deal two weeks ago. but we are today. we're going to get a patch and be here again in two months. congress can't get out of its own way. we keep setting our own traps. and we can't find a way to reason together. >> john, we appreciate the clarity, even if it's depressing. thank you very much. john avlon. >>> a lot of other news developing overnight. for that, let's check in, as always, with mr. ron claiborne. good morning, sir. >> hi, dan, bianna. mr. avalon, good morning, everyone. we begin in australia, with a confrontation with a shark. it cost a surfer two fingers and a chunk of his leg. the 29-year-old was surrounded by a pod of dolphins when the shark attacked yesterday. >> are you all right? >> yeah, i got my legs. i'm good. >> and witnesses say the man used his surfboard to fight off the shark. but the shark bit off two of his fingers. and sank its teeth into his legs. other surfers came to the man's aid until paramedics arrived. >>> and police in new york city are searching for a woman who pushed a man to his death in front of an o
to a spectrum of use. what we are telling washington, you are running a deficit for the fourth year in a row and yet you can borrow money almost for nothing. so why don't you just wait another year or two years. who wants to take the fall? who wants to take the political heat if you can borrow money for five years, which is what they are doing now. neil: we are building another debt bubble? >> yes, we are doing so. >> i don't know what you call it. we've never been there before, we've never had a central bank. we've never had anything like that. >> you don't think it can walk past the graveyard much longer? >> i don't think so. i don't think we can whistle the tune very much longer. >> okay. neil: if you had a lead suit you would buy it. [laughter] neil: david, thank you so much. the president isnow speaking out. that coming up next o as you cans customer satisfaction is at 97%. mmmm tasty. and cut! very good. pele are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer sa
circumstances. things come to a head in the summer of 2011, republicans demand the government reduce the deficit as a condition for raising the nation's debt ceiling. without a deal, the u.s. would lose the ability to borrow money. both democrats and republicans deploy scorch earth tactics that nearly shut down the government and ultimately cost america its aaa credit rating for the first time in history. but in a last-minute compromise, both sides agree to $1 trillion in spending cuts up front and another $1.2 trillion in cuts to be decided by a special congressional super committee. but a poison pill was attached. if the super committee can't reach a deal, automatic across the board cuts known as the sequester would go into effect starting january 2013. at the exact moment when those bush tax cuts extended for two years, if you remember, would expire. so the point is, we could've all seen this coming and some of us did. we yelled at the top of our lungs by it, but we were drowned out by the election. it seems common sense and good governance often get drown out by seemingly endless and continu
solution that gets at our deficit and reduce our debt everything has to be on the table and we'll deal with it. it's great to have rules. we just like to know what they are so we can make the right investments moving forward. >> even if it puts us in a climate of slow growth, even more slow growth than the economy which would be the kind of a climate where you as a ceo wouldn't want to invest in that anyway, you know what i mean? >> so i think a grand bargain won't create a slow economy. i think it will restore confidence and we'll all invest. we'll know what the rules are and the game plan is. weied be ready to move ahead. we have opportunities to grow all the way around the world. we need to know where to put our capital investment. if we know what the rules are, we'll invest. 60% to 65% of our costs are people and we put people back to work every day. >> you don't expect a grand bargain? >> no. >> meaning? >> a short-term fix and perhaps a recession. they talk about this bungee approach and i don't think that's helpful. let's take it away from american businesses and take it away fr
deficit with china hit another record in 2011 with the value of chinese imports rising to almost $400 billion. but u.s. exports to china are also hitting record highs. >> china is now our third largest export market. and i don't think a lot of americans realize that. >> reporter: in fact, since the year 2000, 47 states have reported at least triple-digit export growth to china. including minnesota. the home of red wing shoes. >> china exports red wing shoe company have really taken off in the last five years. >> reporter: for red wing, the key is quality control. it says chinese-made products just don't measure up. >> the boots don't last as long. we are known for our leather. it's just a higher quality leather that's appreciated by that chinese customer. >> reporter: back in new york, fashion designer patrick ervel says his growing chinese fan base looks not only for quality but designs they can't find at home. >> now there is a bit of a cache, not just an american designer, but if you're manufacturing here, especially in menswear. >> reporter: why? >> just this idea of made in ameri
news is i don't think it many will have meaningful deficit reduction. i think this is just going to keep dragging on and on. >> in your book, you advocate for raising the capital gains tax, which could make wall street owe a lot more money than it does now. >> yes. right. >> that's discussed as part of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i hear that argument a lot. number one is, i'm really tired of our tax policy decisions. you know, everything, being made by what the market's going to do in the next quarter. this is about aberration of the tax code and grossly unfair. say they raise top tax rate to 39.6% for those making more than $500,000. that means a lot of small businesses will are paying that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20, even 24, depending where they put it. it's not an issue of penalizing investment income. it's an issue of penalizing labor, and those who make their income through wages.
of fiscal sustainability just isn't right. we can't run trillion dollar deficits for a year and expect to get away with that long term. so i think there is a trade-off here in terms of some penalty to growth next year. longer term there are benefits though and going into the year i think you just have to have maybe a little cash in the portfolio but be looking to put money to work in companies that are going to survive, good balance sheets and consistent profitability. stocks are cheap relative to bonds so i don't want to get too defensive here. >> you were with us at the top of the hour and made clear you were on hold until you see something about a fiscal cliff resolution of some kind. is there nothing you would buy between now and the end of the year? >> nothing. maybe some inverse etfs, bill, quite honestly. i want to see not just fiscal cliff resolution but i want to see q 1 earnings. i'm sorry. q 4 earnings. last quarter's earnings were not all that exciting. we really saw the european effect take hold in a lot of these companies really laboring and a lot have bounced back. i thi
deficit reduction. democrats say that could come later, but this would be a smaller plan. there are really some serious differences and not a lot of time left. congress has created its own deadline to this so-called fiscal cliff and now has to live by it over the next several hours to see if something can get done. erica? >> kelly o'donnell, thank you. chuck todd is nbc's political director. kelly mentioned some constructive movement but then there's this chasm we keep hearing about. is there a chance for a deal? >> i think -- i want to say yes, there's a chance for a deal! they're not that far apart. it really depends on the political motivations of the people at the negotiating table. you think about joe biden and mitch mcconnell, mitch mcconnell is totally looking at this through a political lens, what is in the best interest of republicans in his view? from what i understand in his view he thinks what's in the best interest of the republican party is getting the tax issue off the table and then having a big knockdown, drag-down fight with the president in six weeks over the debt ceilin
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